Lee Fixel’s Addition puts $76 million in IPO-bound Delhivery

Fixel, this time, has put more than $76 million (Rs 558.45 crore) in IPO-bound Delhivery through his new fund, Addition.

According to regulatory documents sourced from business intelligence platform Tofler, Fixel’s Addition has put this capital in the new-age logistics firm through two entities. This is a primary investment, where the capital is going to the company, people aware of the matter said.

News portal Inc42
first reported the matter on Monday.

A spokesperson of Delhivery did not comment on Addition’s investment.

Fixel’s investment in Delhivery comes at a time when it is set to go public this financial year, looking to raise between $800 million and $1 billion. ET reported in June quoting its cofounder Sahil Barua that the Gurgaon-based startup was
aiming to list here by the end of this financial year to raise around $500 million.

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For Addition, this is the
second investment in India, after it backed InShorts’ location-based social networking platform Public last year. Fixel has raised $1.2 billion in his first fund under Addition.

Fixel has been putting his personal capital in some of the early-stage startups here as well though they are not officially announced yet.

After Fixel left Tiger Global in 2019,
Scott Shleifer has taken over the India investments and has been backing startups at a breakneck pace amid record capital being pumped in the Indian startup ecosystem. As of September 3, the
capital raised by Indian startups totalled $21.2 billion across 627 deals – data from industry tracker Venture Intelligence showed.

Delhivery has yet to file the draft prospectus to officially start the IPO process, at a time when over half a dozen local startups have filed for IPOs.

In July, Delhivery had
raised a $100 million of strategic capital from FedEx Express, a subsidiary of global logistics major FedEx Corp. Before that in May, it
closed a $277 million funding round led by US-based Fidelity with Singapore’s sovereign wealth fund GIC also participating in the round among other investors. It was valued at $3 billion post the Fidelity-led funding round.

Also Read:
ETtech IPO Watch: A decade of Delhivery